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Monday, 27 August 2018

Chelsea Owner 'Puts Club For Sale

Chelsea owner Roman Abramovich hired New York-based bank Raine Group in anticipation of the club's sale, according to the Sunday Times.

The bank reportedly valued the club at £ 2bn and Chelsea hired its advisors after they helped Manchester City sell a 13% stake in the club to China Media Capital for £ 265m in 2015.

It is unclear whether they would seek out new owners or sell a stake in the club that Abramovich bought for £ 140m in 2003, but this decision comes at a critical time for Chelsea, who is overwhelmed by the wealth of clubs such as Manchester City and Paris Saint Germain.

In May, as a result of Britain's political sanctions against Russia in response to Salisbury's poisoning, Chelsea announced that Abramovich was delaying Stamford Bridge's proposed expansion of 500 million pounds.

They failed to qualify for the Champions League for the second time in three years, after qualifying for the competition each year since Abramovich took office.

They must still convince Eden Hazard to sign a new contract or risk having to sell it to Real Madrid next summer when he will only have one more year on his contract.

Chelsea needs to rebuild the team under new manager Maurizio Sarri after allowing talents such as Mo Salah, Kevin de Bruyne and Romelu Lukaku to leave the club in recent years.

Chelsea has enjoyed a long history of success since Abramovich completed its acquisition in the summer of 2003.

They became the first club in London to win the Champions League in 2012 and to win five of their six league titles in this period.

However, more inconsistent league finals have taken place recently and the rise of Man City has put an end to this dominant period.